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Global Market Wrap-Up - January 28, 2013

Monday, January 28, 2013
Mark Hanna
U.S. stocks continued to digest the gains of January in a constructive manner as Monday the major indexes finished in mixed fashion. The S&P 500 ended an eight day winning streak, falling 0.2%, while the NASDAQ added 0.15%. On the economic front:
  • Durable goods orders jumped 4.6% in December, which was much higher than the 2.0% growth forecasted by economists. However, nondefense capital goods shipments excluding aircraft rose 0.3%, missing expectations of a 0.8% gain.
  • Pending home sales unexpectedly fell 4.3% in December. Economists were looking for the pending figure to remain unchanged.
Oil added 0.6% to $96.44, gold fell 0.2% to $1652.90, and silver dropped 1.4% to $30.78.

British stocks gained 0.2% and French stocks 0.1%, while German stocks dropped 0.3%.
  • The pound fell to its weakest level against the dollar since Aug. 21 in Europe trading, having shed more than 3% of its value this year. It also tumbled to a near 14-month low against the euro.
Japan dropped 0.9% while China surged 2.4%.
  • In China, profits at major industrial enterprises rose 5.3% in 2012 from a year earlier, according to the National Bureau of Statistics.

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